Converge was able to acquire Alaska’s Philippine Basketball Association (PBA) franchise, fulfilling the dream of CEO Dennis Anthony Uy’s uncle.
Last March 22, the board of governors of the PBA approved Dennis Anthony Uy’s bid to take over the franchise left by Alaska.
UPDATE: FiberXers is the official team name of Converge in the PBA.
In return, the PBA has asked Converge to provide a Php100 million bond as a guarantee of a 5-year membership to the basketball league. There’s a Php7 million deposit that will serve as equity and a Php7 million for the transfer fee.
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There’s quite an interesting back story for this move. It’s said that Uy’s uncle, Johnny Uy, has always ways dreamed of joining the PBA before dying last September 2020.
In fact, Uncle Johnny showed his love for the game by having his supermarket become a team sponsor in the Manila Industrial and Commercial Athletic Association (MICAA), one of the most popular leagues before the PBA came into action in 1975.
Converge will be taking over the franchise of Alaska, which had its basketball team on the PBA for 35 seasons.